FOIN Allows Merchants to Accept Crypto Payments In-Store

On Sep. 30, FOIN, a cryptocurrency company and a developer of the transparent payment system FoPay, announced the strategic partnership with Cyclebit, a crypto payment solutions provider. According to the official information, starting from that day, FOIN, the decentralized peer to peer cryptocurrency for the finance sector, along with 20 other top cryptos are accepted at more than 200,000 points of sale in Europe, Asia, and Canada. Now, FOIN holders can use their digital assets to make purchasing in stores, cafes, restaurants, and even service companies (e.g. barber shops).

 Moreover, FOIN has become an official distributor of the Cyclebit POS crypto terminals. It means that FOIN company now can offer payment solutions not only for e-commerce but also for offline retailers.

How Can Businesses Accept Cryptocurrency?

Cryptocurrency POS terminals provided by FOIN are able to accept both fiat and crypto payments. Paying for goods through the Cyclebit POS terminal has the same advantages with common blockchain transaction: it’s fast, simple, secure, and private — including no intermediaries and data sent for the third parties. For the customer the process of paying with crypto is very much alike to the purchasing with traditional bank cards:

1. the customer chooses the product;

2. the price specified in fiat money is converted into FOIN or another cryptocurrency according to the exchange rate;

3. the customer pays with his cryptocurrency wallet;

4. the terminal prints the paper receipt;

5. the customer gets his purchased goods and the merchant — his money.

Moreover, these POS terminals can also accept payments by traditional bank cards, including contactless payments. Cyclebit terminals are easy to use both to inexperienced users and those who own business for a long time and are keen on attracting new clients and business expansion.

Why Should Merchants Choose Cryptocurrency POS Terminals Over Traditional Ones?

Cyclebit POS terminals have a wide range of advantages over traditional payment terminals and solutions for in-store cryptocurrency payments:

• it allows merchants to accept the top cryptocurrencies BTC, LTC, BCH, ETH, DASH, FOIN, etc. for goods and services.

• Cyclebit POS is the one device for all transactions — it can accept both crypto and fiat payments on the same device.

• it has a convenient cloud-based management system for merchants — so all transactions get displayed per every unit time.

• wide opportunities for integrating with necessary accounting systems.

 In addition to the physical terminal, which allows accepting payments, merchants get access to the various functions and opportunities:

— they can manage their business processes in a cloud-based system. Goods, services, orders, balances, POS devices, and employees — everything is under control. Sales reports are accessible in Cycle Dashboard.

— they receive the new “goods” — digital currencies and tokens which they can sell upon the request of customers.

— they get rid of intermediaries: cryptocurrency payments, encrypted in line with PCI DSS standards, go directly from customer to merchant.

— they can provide loyalty programs for customers, managing clients and searching them by phone or loyalty card number.

— the Cyclebit solution for merchants includes ready-to-work POS terminal with a pre-installed app, built-in receipt printer, 2D-scanner, and various card reader options, including contactless.

 How to Integrate Crypto POS Terminals Into Your Business?

For those who are interested in integrating POS terminals into the business process, there is a simple application form. After receiving a request, managers from FOIN team would provide all the necessary information about the integration process and confirm the order. The quantity of available terminals is limited.